More than 500 Marco Island condos will change hands in 2014, or about 5 percent of all the condos on the island. Sellers this year have owned their condos for 9.6 years on average or a median time of 7.7 years. Some of these condos were flipped in less than a year, and some have been in the family for longer than 30 years.
Owners put their condos on the market for a variety of reasons including changes in family status or changes in financial circumstances. Some just want to cash out and go travel; others need a bigger or smaller condo or want to try a condo in a different location or with a different view and amenities; and some want to buy a house for a change of pace.
Interestingly, these ownership times varied little whether the condo is located on the beach, the Gulf, water direct, water indirect or inland. The average amount of ownership time changes by less than a year and a half no matter where the location on the island. There were no significant differences in the ownership time based on the decade the condo was built, square footage or other variables.
Marco Island’s condos appeal to a broad spectrum of buyers from all over the world. Sales prices this year ranged from $55,000 to $2.7 million. Buyers typically start with a budget in mind and then select a condo based on a combination of island location, view, size, floor height, amenitiesand part-time rental income potential. Investors are a substantial percentage of buyers.
Whether you are a buyer or seller in our rapidly changing world, you will be influenced by the global trends in technology, design, fashion and color. These influences spill over into our home environments and have a big impact on how often we update, change, redecorate or totally renovate our homes. Most of us gravitate toward certain styles or colors that make us feel the happiest, excite us or calm down our frazzled nerves. We all follow fashion forward trends, and with all of the millions of dollars advertisers spend to grab our attention, it is no wonder we love the excitement that change brings.
If you are planning to sell the condo that you enjoyed for many years, be aware that it is probably dated and a little worn looking even though it may have been lovingly cared for. A refreshing coat of paint, some simple updates and editing can give you a quicker sale at the price you would like to receive. An updated unit will be the first to sell in any type of market.
If you have just purchased a unit, get some professional design help so that you understand what the latest trends in resort island coastal design and colors are appropriate for a Marco Island condo. Across the country and across oceans, styles and colors vary. What looks good in Michigan or Germany may not suit a tropical island location. Make it fresh, make it exciting, and you will be able to start enjoying Marco Island’s vacation paradise.